Ryan Cohen’s GameStop Gambit Raises Specter of His Spotty Record

📆 9/30/2023 6:21 PM
📰 YahooFinanceCA

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(Bloomberg) -- Billionaire Ryan Cohen’s appointment to lead GameStop Corp. drew cheers across the social-media platforms that made him a meme-stock icon. But investors may want to hold the applause based on his spotty record of making money for them.Most Read from BloombergEurope’s Richest Royal Family Builds $300 Billion Finance EmpirePakistan Rupee Set to Become Top Performing Currency Globally Murder Claim in Canada Is Only Helping India Leader Modi at HomeWeight-Loss Drugs Estimated to Save

Cohen, who helped spark a more than 2,000% surge in the video-game seller’s shares in early 2021, was named the firm’s chief executive officer on Thursday. He takes his post just as the movie Dumb Money, based on the GameStop trading frenzy that burned hedge funds and enriched small investors at the time, hits theaters nationwide.

In a memo to employees Thursday, Cohen emphasized GameStop’s need to be profitable and said “extreme frugality” is needed, CNBC reported. Cohen’s push to re-shape GameStop in the mold of Amazon.com Inc. hasn’t worked out as planned. The company has gone through four CEOs in less than six years. Cohen’s investment firm, RC Ventures, has been among the largest shareholders since 2020.

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